Economist Nouriel Roubini: “Green Shoots, or Brown Manure?”

Economist Nouriel Roubini

"The June employment report suggests that the alleged ‘green shoots’ are mostly yellow weeds that may eventually turn into brown manure. The employment report shows that conditions in the labor market continue to be extremely weak, with job losses in June of over 460,000. With the current rate of job losses, it is very clear that the unemployment rate could reach 10 percent by later this summer, around August or September, and will be closer to 10.5 percent if not 11 percent by year-end "

Roubini sees yellow weeds, not green shoots

Renowned economist Nouriel Roubini says he sees many yellow weeds ahead in the current economic environment. Economist Nouriel Roubini of RGE Monitor, speaking at the 2009 Reuters Investment Outlook Summit in New York on Tuesday, predicts the next 2 years of "low economic growth of around 1-percent" in the U.S. He says the unemployment rate will likely "peak next year above 11-percent."